Starr Companies partners with insurtech for online distribution

Starr Companies has announced a partnership with CoverWallet to develop new insurance products optimized for the online market.

Starr's hope is that CoverWallet’s technology helps it reach a bigger market. Through the agreement, the companies will collectively develop new insurance products, simplifying the click-to-bind process. The technology is expected to lower operational costs, resulting in savings for the customer.

As part of the partnership, CoverWallet also received additional funding from the Starr Companies. The NYC-based startup recently raised $10 million in funding from Union Square Ventures, Index Ventures, Highland Capital Partners, Founder Collective and Two Sigma Ventures.

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An American flag hangs in front of a store on Main Street in Smithfield, Virginia, U.S., on Tuesday, June 28, 2016. When Chinese suitors took over Smithfield Foods Inc. it sent tremors through the tiny town that calls itself the Ham Capital of the World. Three years on, residents and union leaders say the initial fears about the buyer from a Communist-ruled nation proved unfounded. Photographer: Andrew Harrer/Bloomberg

“We believe that this partnership, combined with our unique technology, will build on our momentum, setting us ahead of any future player in the space,” said Inaki Berenguer, co-founder and CEO of CoverWallet.

“We wanted to team up with a technology leader, with strong data and design capabilities, to radically transform the customer experience when buying insurance,” said Maurice R. Greenberg, chairman of Starr Companies. “With CoverWallet, we have found a partner that is innovative and ambitious with respect to online insurance.”

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